Author Archives: Harvard Law School Forum on Corporate Governance and Financial Regulation

Draft Obama Administration White Paper on Financial Regulatory Reform

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Wednesday, June 17, 2009

This post, and the accompanying memorandum, summarizes the key proposals in the Obama Administration’s White Paper on Financial Regulatory Reform based on the “near final” draft White Paper posted by the Washington Post on June 16th. It has also been prepared in advance of the President’s news conference on June 17th and Secretary Geithner’s testimony […]

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Public Pension Fund Reform Code of Conduct

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Wednesday, June 17, 2009

Recently, New York Attorney General Andrew M. Cuomo announced an agreement with private equity firm The Carlyle Group (“Carlyle”) in connection with the Attorney General’s investigation, started in 2007, into relationships between New York State’s Common Retirement Fund (“NYCRF”) and investment firms doing business with it.[1] Carlyle agreed to pay $20 million to resolve its […]

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Posted in Financial Regulation, Institutional Investors, Legislative & Regulatory Developments, Practitioner Publications, Securities Regulation | Tagged , , | Comments Off on Public Pension Fund Reform Code of Conduct

Equity Compensation for Long-Term Results

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Tuesday, June 16, 2009

Treasury Secretary Timothy Geithner announced on Wednesday the Obama administration’s strong belief in tying executive compensation to long-term company performance. The regulations issued that day direct the new “compensation czar” to ensure that financial firms receiving “exceptional assistance” from the government don’t “reward employees for short-term or temporary increase in value.” Companies not covered by […]

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Posted in Academic Research, Executive Compensation, Financial Crisis, Financial Regulation, HLS Research, Op-Eds & Opinions, Securities Regulation | Tagged , , , | 1 Comment

Empire-Building or Bridge-Building

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Tuesday, June 16, 2009

In my paper Empire-Building or Bridge-Building? Evidence from New CEOs’ Internal Capital Allocation Decisions, which was recently accepted for publication in the Review of Financial Studies, I examine CEOs’ decision-making processes for capital allocation in the context of power and relationships within corporations by investigating whether the job histories of CEOs influence their capital allocation […]

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Assessing the Chrysler Bankruptcy

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Monday, June 15, 2009

Editor’s Note: This post by Professor Mark Roe appears today on Forbes.com. Last week, the Supreme Court turned down the last appeal from the creditors objecting to the Chrysler reorganization and the deal closed on the next day. Chrysler has been sold in bankruptcy. This is a good time to assess Chrysler’s bankruptcy. At one […]

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Posted in Bankruptcy & Financial Distress, Boards of Directors, Financial Crisis, Financial Regulation, HLS Research, Op-Eds & Opinions | Tagged , , , | Comments Off on Assessing the Chrysler Bankruptcy

Annual Survey of Developments in Delaware Corporation Law

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Sunday, June 14, 2009

In the current recessionary environment, rather than looking outward for the next big deal, many corporations are turning their focus inward, reviewing and shoring up their own governance structures, defensive mechanisms, indemnification schemes and governing documents. Knowledge of recent Delaware jurisprudence is helpful in such a review, as in numerous instances over the past year, […]

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Posted in Boards of Directors, Corporate Elections & Voting, Court Cases, Legislative & Regulatory Developments, Practitioner Publications | Tagged , , | Comments Off on Annual Survey of Developments in Delaware Corporation Law

Flaws in the AIG Trust

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Saturday, June 13, 2009

Editor’s Note: This post is by J.W. Verret of the George Mason University School of Law. I had the opportunity to testify before the House Oversight Committee recently on a panel along with Ed Liddy, the CEO of AIG, and the three trustees nominated by the Federal Reserve to manage the government’s $180 billion investment […]

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Electing Directors

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Friday, June 12, 2009

Shareholder representation by the board of directors is a fundamental component of corporate governance. A great deal of research has focused on the characteristics of corporate boards, yet we know little about uncontested director elections. The subject is particularly important in today’s environment. Congress, stock exchanges, and individual firms have instituted dramatic governance changes. Moreover, […]

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Posted in Academic Research, Boards of Directors, Corporate Elections & Voting, Corporate Social Responsibility, Empirical Research | Tagged , , , | Comments Off on Electing Directors

Compensation Structure and Systemic Risk

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Thursday, June 11, 2009

Editor’s Note: This post is the written testimony (with footnotes and appendix omitted) submitted by Professor Lucian Bebchuk to the Committee on Financial Services, United States House of Representatives. Professor Bebchuk will be testifying today in the hearing on “Compensation Structure and Systemic Risk.” The hearing will begin today at 10a.m., and information about it […]

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Posted in Executive Compensation, Financial Crisis, Financial Regulation, HLS Research, Legislative & Regulatory Developments, Speeches & Testimony | Tagged , , , | Comments Off on Compensation Structure and Systemic Risk

Putting Investors First in Regulatory Reform

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Wednesday, June 10, 2009

Editor’s Note: The post below by Commissioner Aguilar is a transcript of remarks by him at the Compliance Week Annual Conference on June 3, 2009 in Washington, D.C. I am honored to be speaking to a room full of people who spend their days building a culture of compliance. As a former general counsel of […]

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